I’m thinking of applying for a personal loan from Indian Bank but want to know what kind of processing fees and interest rates they charge. Could someone share the latest details?
Hey! If you’re thinking about getting a personal loan from Indian Bank, here’s the lowdown from what I’ve heard and read around.
Interest Rates
The bank usually charges somewhere between 11% to 15% interest per year. Exactly where you land depends on stuff like your monthly income, credit score, and how much cash you need.
Processing Fees
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For small loans like ₹25,000 or less they don’t charge any processing fee, which is nice.
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If you want to borrow more than that, there’s a flat processing fee of ₹250, plus GST on top. So it’s not a percentage of your loan, just a set fee.
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Source:- https://www.indianbank.in/
Loan Amount and Repayment Time
You can borrow up to about ₹5 lakh, or roughly 20 times your monthly salary. You get up to 7 years to pay it back, which gives some breathing room.
Paying Back
Repaying’s easy you can set up automatic payments through your bank or pay online with their website or app.
I’m considering applying for a personal loan from Indian Bank, but I’m not sure about the exact costs involved. Can someone please explain what the processing fees and interest rates are for Indian Bank personal loans?
It’s smart that you’re looking into the costs before applying for a personal loan, many people only focus on the loan amount and miss the fine details like fees and interest rates.
Processing Fees:
Indian Bank generally charges a processing fee of up to 1% of the loan amount, subject to a minimum and maximum cap. This fee is a one-time cost you pay at the time of loan sanction, and it covers the administrative expenses of processing your application.
Interest Rates:
The interest rate for Indian Bank personal loans usually ranges between 10% to 14% per annum (this can vary depending on your profile, income, CIBIL score, and the loan scheme you choose). If you’re a salaried applicant with a stable income and good credit history, you may get the lower end of the range.
Other Charges to Keep in Mind:
• Prepayment/Foreclosure Charges: If you plan to repay early, Indian Bank may levy a small percentage as foreclosure charges.
• Documentation Charges: These are usually nominal but worth checking with your branch.
• Tip for you: Before applying, compare Indian Bank’s offer with at least 1–2 other banks. Sometimes even a 0.5% lower interest rate or reduced processing fee can make a big difference in your total repayment.